The entire Treasury curve is now lower on the day

Did we just have a blowoff top in yields?

There was a 17 bps rise in US 5s in three hours followed by a complete wipeout in the last three hours.

US 5 year yields

The entire curve is now lower in the day.

Lower yields are a pre-condition for a bottom in risk assets and a top in the dollar. Watch these moves very closely because there could be some real-money FOMO in bonds — those yields are attractive.

James Rogers

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